Susan Davy, the chief executive of Pennon, informed investors that she had made the decision because executive compensation was still under scrutiny from the media and government due to outrage over the company’s handling of issues like billing, sewage leaks, and supply security.
Ms. Davy announced that she will not be accepting her 2020 long-term reward or a bonus for a second year, even though her income increased to £492,000 from £475,000.
Rather, the £298,000 long-term incentive would be transferred from her overall compensation to the business’s WaterShare+ program, according to the report.
Pennon stated that the plan “directly benefits our customers by either providing money off their bill or via ownership of Pennon shares” .
The study was released a few weeks after Pennon announced underlying operational earnings for 2023–2024 increased by 8.6% to £166.3 million.
The 3.8% rise in dividend payments to shareholders was a decreased rate to offset the £2.4 million punishment for several environmental issues during the period.
The results were released while Pennon’s South West Water division was dealing with an issue pertaining to public health.
Approximately 17,000 homes in the Devon region of Brixham were instructed to boil their drinking water during the height of the alert last month due to a cryptosporidiosis epidemic.
